GOLD-SILVER: New Gold given environmental nod for Blackwater project

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Core from the Blackwater gold-silver project in British Columbia. (Image: New Gold)

BRITISH COLUMBIA – The federal government has given the environmental okay to the Blackwater gold-silver project 150 km south of Vanderhoof, saying it doesn’t anticipate significant adverse effects. The project is 100% owned by New Gold of Toronto.

The project carries a price tag of $1.8 billion for construction, operation and closure of the site. It could provide up to 1,500 jobs during construction and 495 during operations.

New Gold says Blackwater has proven and probable reserves of 344.0 million tonnes grading 0.74 g/t gold and 5.5 g/t silver for 8.1 million oz. of gold and 76.1 million oz. of silver. Measured and indicated resources (exclusive of reserves) at 61.3 million tonnes grading 0.71 g/t gold and 4.4 g/t silver for 1.4 million oz. of gold and 8.7 million oz. of silver. There are also 18.1 million inferred tonnes at 0.66 g/t gold and 3.9 g/t silver for 385,000 oz. of gold and 2.2 million oz. of silver.

The Ministry of Environment and Climate Change attached 175 conditions that must be fulfilled during the life of the project.